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Car finance for students - the fact file

It’s a fact, whether you’re traveling to and from university or college, getting to your job on time, even taking a quick trip to see family and friends, today’s busy student needs a car. But how easy is it to get behind the wheel?

Good quality cars can be expensive and that usually means you’ll need student car finance to help buy one. Yet many mainstream finance companies can be reluctant to offer car finance for students. It can be very frustrating.

However, car finance for young drivers is available; even car finance for students with bad credit scores. To help you navigate your way around the choices, we’ve investigated student car finance on your behalf – uncovering the true facts.

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Fact 1. You can get student car finance with Stoneacre

Stoneacre is able to provide car finance for students. That’s a fact!

We fully understand the importance of being able to drive during your student years. Having a car gives you the freedom and flexibility to combine part-time work with your full-time studies.

Despite this, most conventional finance providers are reluctant to provide car finance deals for students for two main reasons.

Lack of income - Few students have a full-time job, so income levels tend to be low

No credit rating - Students haven’t had time to take out credit and build a credit profile

At Stoneacre, we don’t let these two issues hold students back. As long as you have a full valid driving licence and enough income to afford the repayments, we’ll always consider your application for young driver car finance.

We work with a large selection of understanding lenders to find the best car finance deals for young drivers. We’re here to help.

Fact 2. Building your credit history can help you get student car finance

Not having a credit history isn’t unusual for students. However, when it comes to student car deals, it can sometimes hold back your application. Fortunately, there are a number of simple steps you can take to change this:

Mobile phone contract - Most students have a mobile phone, many on contract. Making sure the contract is in your name and paying your bill monthly can build a positive credit profile that other lenders can see. Pay on time every time and lenders will also recognise you’re responsible with money when considering your application.

Bank account credit card - If you have a student bank account, your bank might offer you a student credit card with a low credit limit. Start using this to make small purchases, then pay off your balance in full at the end of each month. Again, this will show responsible money management and help build a positive credit profile.

Taking steps to improve your credit score not only demonstrates you can manage your financial responsibilities, it also builds trust in potential car finance lenders. This could make it easier to get car finance if you’re a student, plus give you access to better interest rates and lower repayments.

Fact 3. Improving your credit report can help first-time car buyers

Following this advice won’t just help you build your credit rating from scratch; it could also help improve your credit file if your credit rating is poor.

In addition, you should also make sure you’re listed on the Electoral Roll at your student accommodation address. Although this address may be temporary, and you might only stay there during term time, it’s still classed as your main residential address.

Lenders check on the Electoral Roll to confirm you’re officially resident at your address. If you’re not, they’ll be unlikely to provide student car finance.

Remember, lenders use the information you provide, along with public information, to help them understand more about you and any risks around providing car finance for young drivers. The more assurances you provide, the more confident lenders will be.

Fact 4. Student car finance is available for young drivers with bad credit

Few people go through life without making mistakes. This can happen at any time and sometimes it leads to difficulties with money, including late or missed payments, and a poor credit rating.

We’re adept at providing student car finance and won’t necessarily hold this historic information against you. At Stoneacre, we understand that circumstances change, so we’re far more interested in your current situation and whether you can afford your repayments now and in the future.

Even if an applicant’s credit score is poor, we’ll work hard to arrange car finance for students with bad credit.

Fact 5. Being employed is important but not essential if you want a car as a student

Almost every lender will ask to see evidence of a regular income when considering an application for car finance for young drivers. We understand this can be a challenge.

After all, as a student you’re already studying full-time so it’s impossible to also hold down a full-time job. Most students who work, do so in a part-time job. This limits the amount you can earn.

However, at Stoneacre we don’t believe this should mean you can’t get car finance if you’re a student. What matters more to us is your ability to repay your finance, so as long as you receive a regular income, we will consider your application.

And don’t think your application will automatically be turned down if you don’t have an income. We’ll also consider your application for young driver car finance if you’re an unemployed student, providing a member of your family who is working might be prepared to make a joint application with you. This means they will step in and be responsible for making your payments if you’re unable to do so.

Fact 6. Finance and low insurance is available for student drivers

For young drivers aged 18-24, the cost of student car finance and insurance can be extremely high. Due to a lack of driving experience, insurers tend to view this group as high risk. The high cost of car insurance is a reflection of this and in some instances, it can price young drivers off the road.

We work with a range of leading manufacturers to help keep these costs as low as possible and find the best car deals for young drivers. In addition to sourcing car finance for students, our franchises also provide FREE, low or subsidised insurance offers.

One leading example of this is Ford’s Young Driver Insurance Contribution deal for students and young drivers aged 18-24. Finance your car with Ford Credit and Ford will provide a £500 insurance discount to drive down the cost of your motoring.

We’re always looking to provide the best car deals for young drivers and provide similar student car deals with other major manufacturers, including Citroen, Peugeot and more.

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Finance Disclosure

For the purpose of this promotion Stoneacre is not acting as a lender but as an independent credit broker working with a panel of lenders. A list of these lenders is available upon request. Stoneacre do not charge a fee for an introduction to a finance provider, however, we may or may not receive a commission.

Decidebloom Ltd t/a Stoneacre, Omega Boulevard, Capitol Park, Thorne, DN8 5TX, is authorised and regulated by the Financial Conduct Authority. Our FCA number is 308726. You can verify this by visiting the FCA website or by contacting the FCA on 0800 111 6768.

Representative example
Cash Price£13,000
47 Monthly Payments£280.51
Amount to Finance£13,00
Total Interest Payable£2,743.97
Total Amount Payable£16,133.97
Option Fee (Included in TAP)£399
Term48 Months
Rate of Interest (Fixed)8.83%
Miles per Annum8,000
Excess Mileage Charge6.0ppm

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